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Incompetent Liquidators May Be Banned

Contributor:
Fuseworks Media
Fuseworks Media
Simon Power
Simon Power

Wellington, Aug 26 NZPA - A bill enabling the Registrar of Companies to ban incompetent or dishonest liquidators, receivers and voluntary administrators passed its first reading last night.

Commerce Minister Simon Power said the Insolvency Practitioners Bill would introduce negative licensing to prohibit such liquidators from providing corporate insolvency services.

An electronic register of those liquidators was also possible, he said.

The bill has been referred to the commerce select committee for public consultation and the new rules are expected to be in force by late next year.

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